Oil Prices Drop $9.00 a barrel

I just LOVE it when I am right, which often happens in Mel's world.

Yesterday, I wrote that I would bet dollars to donuts that the world oil prices would drop after President Bush announced that he is using his executive powers to eliminate the ban on offshore oil drilling (even though Congressional approval is still needed to accomplish that goal.)

Liberal so-called 'experts' scoffed. They said it wouldn't make any difference. Really?

In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

Now isn’t this interesting?

Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.

Aircheck

Melanie Morgan

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